Office of National Statistics

Small Businesses Now Make Up 99.8% of the British Economy

Small Businesses Now Make Up 99.8% of the British Economy

Small businesses now make up a staggering 99.8% of the British economy, according to a new report by Xero. While generating 47% of the country’s revenue, the survey found that small to medium sized companies also employ 60% of the British work force. Of the 1,300 small businesses surveyed, 53% said remaining optimistic was the key to running a successful enterprise. While 36% were optimistic of their businesses future, 77% said they still had problems they’d like resolved including managing staff and clients (23%), cash flow management (19%) and having time to work on the business (19%). The survey also highlighted figures from the Office of National Statistics which revealed that in spite of 58% of UK businesses closing before their fifth birthday, drop off rates significantly decline ove... »